Short Term Strategy
I currently have the following.
RRSP: Questrade, VGRO ETF (all-in-one 80-20 stocks/bonds ETF, max contribution filled).
TFSA: Balanced Wealthsimple account (I only have 5k here)
RESP: Growth Wealthsimple account.
I own a house and was planning to potentially buy another property in 3-5 years time.
The plan was to just continue saving money in the TFSA and use that as a down payment. With all the craziness happening now, and since I might need this money in 3-5 years time, I am starting to think that it makes sense to open TFSA HISA (I see 1.9% available in some places) and move the wealthsimple TFSA money there and start saving in that account. I don't know if it matters but I have about 65k in contribution room for a TFSA that I can comfortably fill over the next 3 years. Or should I just start piling on in the WS TFSA and hope the markets pick up in that 3 year time frame? I think the first option is more sound but wanted to see what the smart people here on RFD would do.
Thank you!
RRSP: Questrade, VGRO ETF (all-in-one 80-20 stocks/bonds ETF, max contribution filled).
TFSA: Balanced Wealthsimple account (I only have 5k here)
RESP: Growth Wealthsimple account.
I own a house and was planning to potentially buy another property in 3-5 years time.
The plan was to just continue saving money in the TFSA and use that as a down payment. With all the craziness happening now, and since I might need this money in 3-5 years time, I am starting to think that it makes sense to open TFSA HISA (I see 1.9% available in some places) and move the wealthsimple TFSA money there and start saving in that account. I don't know if it matters but I have about 65k in contribution room for a TFSA that I can comfortably fill over the next 3 years. Or should I just start piling on in the WS TFSA and hope the markets pick up in that 3 year time frame? I think the first option is more sound but wanted to see what the smart people here on RFD would do.
Thank you!